Essay A Minimum Wage Increase Will Stimulate the Economy

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President Franklin Roosevelt endorsed the federal minimum wage law in 1938 while the Great Depression was at its utmost insolvent position. Because at this point in time the economy was at its lowest, the sole purpose for its enactment was to keep the majority of Americans out of poverty and increase consumer demand. Following the 1960’s, the minimum wage has had a very gradual increase to the point where it is now at a standby. At this moment with a recession occurring, minimum wages have not brought any benefits to those working for such a limited pay. In fact, it has affected an amount of factors rather than actually keeping the overall population out of impoverishment. Although opponents claim a rise in minimum wages will affect…show more content…

Although opponents claim higher pay will affect a number of factors, increasing the minimum wage will be ideal to lead economic activity to the right direction. The far most crucial concern for America today is the economy’s downfall and its position at its recession peak. Ralph Nader, a consumer advocate, and the author for “America’s Miserly Minimum Wage Needs an Upgrade” argues how increasing the minimum wage can lead to better off results concerning the market activity. Nader presents two studies to prove how effective the results will be regarding a raise to those paid at the minimum wage rate. The Chicago Federal Reserve study “showed that for every dollar increase in the hourly pay... the result was $2,800 in every consumer spending from that worker’s household” that year in 2011, according to Nader. In other words, a rise in pay will allow an employee to spend a greater amount of money for any needs, which is then put into the economy. The second study by the Economic Policy Institute “indicated that a $10.50 hourly minimum wage . . . increase” would stimulate economic productivity to about $30 billion and put 140,000 jobs over the course of two years (Nader). The numbers prove the effectiveness by showing an increased amount of money put into economic activity and its evidence of no negative outcome. Not only will a rise in pay stimulate the economy, but it will open an incredible amount of…

The topic on whether the minimum wage should be increased our untouched has been a hot topic in the media and political scene lately. Both the republicans and democrats have spent some big bucks lobbying their insights on the matter. There has been a lot of subjective and objective arguments that are reasonable on both the pros and cons of increasing our national minimum wage. To add to the drama associated with this topic, President Obama endorsed a bill proposing a nearly 40% rise from $7.25 to…

millions
of those in poverty are full-time, minimum wage earning workers. Many say one should feel
morally obligated to help these people. President Barack Obama said it best in his February 2013
State of the Union address, “Let’s declare that in the wealthiest nation on earth, no one who
works full time should have to live in poverty” (Lowrey n.p.). When minimum wage was
created, President Roosevelt declared its purpose was to “maintain a minimum standard of living
necessary for health,…

current minimum wage, as set by federal law, is less than $15 per hour. Is this enough for any person to provide for themselves and their family? Laborers earning the minimum wage don't seem to think so and are wanting an increase in the required minimum wage so they will be paid more by their employers. The Bureau of Labor Statistics reported in 2015 that 3.6 million workers earned below or at the minimum wage ("Minimum Wage Workers"). At first it sounds wonderful for minimum wage workers to…

family gets rich from earning the minimum wage. In fact, the current minimum wage does not even lift a family out of poverty."
-- Jon Corzine
It is not shocking to hear that tens of millions of Americans are living in poverty. Startling statistics about the poor are constantly being tossed around on television with images of run-down neighborhoods and malnourished children. The real surprise, however, is that millions of those in poverty are full-time, minimum wage earning workers. Many say one…

Living in Bushwick commuting to school four days a week to Coney Island, and going to work four days a week at Rite Aid in Sunnyside, Queens, is more overwhelming than what it sounds. Working overnight from Monday to Friday, earning minimum wage and being taxed on top of that isn’t enough due to prices of gas, food, and necessities sky-rocketing. The job pays $7.25 per hour but I make a $0.75 differential for working the night shift. It’s difficult to be a student and work when you only have yourself…

topic to see if the minimum waged should be raised. The current minimum wage for the United States of America is seven dollars and twenty-five cents an hour. Is this enough to support a family? Through the research that I have done the past few weeks I will look more in depth on the subject of the minimum wage. I desire to look at the benefits, as well as the consequences of raising the minimum wage. My goal is to formulate an answer, and help those who are earning the minimum wage, and may be struggling…

helps families make ends meet like higher wages. … And to everyone in this Congress who still refuses to raise the minimum wage, I say this: If you truly believe you could work full-time and support a family on less than $15,000 a year, go try it. If not, vote to give millions of the hardest-working people in America a raise.” -–President Obama, State of the Union address, Jan. 20, 2015
President Barack Obama is renewing his call to raise the minimum wage to $10.10. During a speech at a manufacturing…

The legally established minimum wage is a complex aspect of our economy. On the surface, the idea is simple: the minimum wage fixes the minimum hourly amount an employer must pay his employee. But at a deeper level, calculating the economic impact of a minimum wage is a challenging task full of projections and speculations, and with this uncertainty comes contentious political debate. Economic liberals argue that the minimum wage should be aggressively raised, while conservatives argue that it should…

support their family. Due to the fact that the prices of goods increase year and after year, the minimum wage has been increasing from less than a dollar to $7.25 now. The question that comes to everybody is that should we increase the minimum wage by too far. Does the minimum wage increase reduce the unemployment since now the current wage is high enough? Some people might think that we should increase the minimum wage in order to increase the labor supply. However, if we think deeply than this, there…

The federally mandated minimum wage has been a divisive political issue in American politics since it first came into effect in 1938 under the Presidency of Franklin D. Roosevelt. FDR advocated for the minimum wage with the argument that “all but the hopelessly reactionary will agree that to conserve our primary resources of manpower, government must have some control over maximum hours, minimum wages, the evil of child labor, and the exploitation of unorganized labor” (Greene 2013). This idea led…